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When dealing with cyclical stocks, timing is crucial. And for this reason they are notoriously hard to pick. James Hardie has shown how heavily a building stock can be hit when the unexpected happens. Consumer confidence in the US isn't exactly robust right now and this is expected to impact negatively on housing expenditure. However, we think James Hardie has been oversold. Its fibre cement products are increasingly being used as substitutes for traditional building materials. Even if fewer American houses are getting built in the short term, a higher percentage of the ones that do will use...

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